The Importance of Market Research

Most entrepreneurs are inexperienced and ignorant to the discourse of business when they first embark on the journey of managing a company.  It’s not a bad thing, but it is a fact worth acknowledging. That being said, a vast majority of starting a business is education and in many instances, that education is informal and self taught. One of the greatest challenges of an independent business education is the experimental learning of trial and error.  Some aspects of business will only make sense once you’ve tried it a few times and realize what is missing. Other aspects will come quickly and immediately and will pose no further threat to your business.

The pedagogical journey of entrepreneurship consists of a series of fundamental factors that should be considered and practiced for any serious contention for a successful business. One of these factors is market research; how well will your product or service perform in the market? Often overlooked due to costs, time, and significance, market research can make or break any business idea.  We want your business venture to start off in a way that will encourage growth. As such, we’ve outlined our top three reasons why market research should be on your priority list.

Market research reaffirms your business idea

When you have a concept or idea and you wish to convert it into a product or service, market research helps you understand who your target audience is, whether there is indeed a demand or interest in your product, and ultimately your business’ success potential. For example, if you anticipate your target audience to be young adults between the ages of 18 and 27, but upon reviewing the data from your surveys and focus groups you notice that middle-aged persons express a greater benefit from the product, you may need to redesign your business model taking into account middle-aged individuals.  On the other hand, you might also find that there is absolutely no interest whatsoever and your investment may not be worth it. Market research is simply a strong editing tool that can refine your business to properly meet the needs of your consumers.

Knowing your numbers

Numbers are vital to a business. How much will you pay? How much will your consumers pay?  Are you competitive enough? Market research assists in money management. If you understand who your ideal consumer is, you can further assess how much they are willing to pay for your product. Additionally, it will gauge how much money you need to invest to obtain a beneficial return. Research will highlight the monetary relationship between the business and the consumer. If your intended audience is women, but they are from low-income brackets, you must consider the likelihood that they will impact your business financially, particularly in a way that will encourage steady growth. 

Further, market research, in the form of business-to-business comparison, can help you determine whether your prices are too high or too low and how competitive you will be among your entrepreneurial peers. This research can often be obtained by simple web searches and do not require much time. It is an easy way to gain some perspective on your business.

 Business and Market Predictability

Market research can reveal how your business will perform in its initial stages as well as the future. Granted, there are a myriad of factors that can cause predictions to deviate, it is still a reliable tool for estimates on what to expect. The research can guide contingency plans and business projections.

Whether you decide to limit your research to the web or other minimal resources or you choose to spend thousands of dollars in quantitative and qualitative data collection, market research will have a positive effective on your entrepreneurial pursuits. 

Expanding Beyond Your Core Business Model

History is laden with examples of businesses that have broadened their repertoire of products and services, yielding both remarkable successes and monumental failures. On the other hand, there is really no such thing as “playing it safe.” Just as many companies have foundered by deviating too far, too fast from their traditional business model, others have lost their edge by hewing too closely to convention, like old dogs that failed to learn new tricks. A famous example of the latter is Smith-Corona, which by the 1980s had firmly established itself as the world’s premier manufacturer of typewriters, only to watch its signal technology fade into obsolescence due to the advancement of the personal computer.

Of course, the prospect of expanding a business model is daunting, and the temptation of risk-aversion is strong. But the choice to “stick with the core” entails its own risks. There are no guarantees. But there are strategies companies can employ that will enhance the probability of a successful transition or expansion.

Assess your current capabilities. Where does your business excel? What can you do better?

If you’re running a profitable business already, it’s a sign that your clientele values what you have to offer. Take the time to realistically determine your strengths and weaknesses as an organization, and where they stack up against your major competitors. Equally important, stay abreast of any new techniques, technologies, and business opportunities that your competitors may be exploring.

In his influential book Understanding Media, cultural analyst Marshall McLuhan advanced the thesis that technology—including tools, vehicles, and furniture (which he broadly defines as “media”)—are effective extensions of the human body and mind, geared toward a particular purpose. Using this concept as a framework for analysis, we can infer that a successful transition from one medium to another requires organizations to first recognize a distinction between what they provide, and the means (media) by which they provide it.

For example, the best restaurants are not exclusively in the business of serving food; they afford customers a social, environmental, and gastronomic experience. The technology corporation IBM is not merely a manufacturer of computers and software; its primary purpose is to facilitate the storage and transfer of vast amounts of information. Computers are a medium which serves that end.

Think about the primary purpose of your business, and the experience you would like your customers to have. Are there easier, more efficient, or more cost-effective ways to achieve that goal? What are the tools, or media, at your disposal?

Seek out windows of opportunity.

Once you have a clear idea of the raison d’être of your business, you can think about broadening the range of products and services on offer. Amazon, which began as an online book retailer, now distributes DVDs, music, and even fashion accessories. Netflix, once a mail-order DVD rental service that came close to bankruptcy, is now a highly profitable video-on-demand website with an increasingly global customer base. Both companies recognized that they were in the business not only of moving product, but of catering to the lifestyles of busy professionals by providing easy, convenient gateways for shopping and entertainment.

Do your research first.

 

Occasionally, the opportunity to open up a niche or neglected market presents itself, if you are fortunate or imaginative enough to find prospective customers who are underserved, or to devise a technique that hasn’t been tried yet. But in most transitions or expansions to new markets, you’ll find an established group of firms with a strong foothold. Invariably, those competitors will tenaciously resist your attempts to siphon away their clientele, and will have the advantages of experience, skill, infrastructure, existing relationships, and inside knowledge on their side.

This is why advance research is so important. Before you embark upon a new endeavour, survey the terrain. Get to know your prospective customers and their needs and habits. Identify and examine the most prominent incumbents in the industry, and understand why they are successful.

If you’ve done your homework, feel confident that you can offer a better deal than what’s already on the table in your target market, have a viable business plan, and have secured the capital and cash flow you need, then you’re ready to make a move.

Top 10 Sales Mistakes Small Businesses Make

It's easy to track sales figures and determine just where your business stands with regard to making its quota for the month. However, what those numbers might not show is exactly what mistakes are being made by you or your sales force. Even with decent numbers there is always room for improvement. See if you recognize any of these top 10 sales mistakes in your company's sales staff.

1. Not taking the time to listen to your customers.

Every decent salesperson has perfected their pitch. Sometimes it's hard to stop that "train" once it is rolling down the track. However, when you stop listening to your customers you're missing out on the ability to adjust your pitch to meet their specific needs. Listening could open up an entirely new and winnable approach.

2. Making the hard sell.

Being passionate about the product you're selling is a good thing but you need to know when to back off from the hard sell. If your sales pitch is all about pushing towards the sale then you might find your customers backing off from such aggressiveness. This mistake goes hand in hand with the "not listening" one. Take a breath and give your customers a chance to process.

3. Not doing research on your product.

Often a salesperson thinks they've "got it" when it comes to pitching a new product or service. Yet, that rush to hit the sales floor could hamper a sale if that agent isn't as familiar with the details of the product as they should be. It's hard to anticipate every question a customer might have but that is certainly a good goal to strive for.

4. Jumping to the close.

The "ABC" of sales is "Always Be Closing" but that doesn't mean jumping to the close right out of the gate. A customer wants to feel like they are being taken care of. That holds true for someone shopping in a store or online. Take the time to build a relationship with the customer. Online this can mean providing them with engaging content that they care about. Once that relationship has been firmly established, making the close will be a lot easier.

5. Forgetting to close.

The opposite of the sales mistake above is not getting to the close. Every sales pitch should end with some kind of call to action such as, "Can I place this order for you?" Don't assume the customer will always jump in and offer the close. Be subtle but make sure it's part of the experience.

 6. Veering off the sale.

You definitely want to build a relationship with your customers but that doesn't mean spending hours talking about the great game from last weekend or swapping recipes. Too much chattering can have you veering off the topic at hand which is the sale itself. Nothing wrong with getting comfortable with your customer but keep focused on the goal of closing the sale.

7. Not knowing who you're selling to.

If you're operating out of a store or online portal you won't really know who a customer is when they approach your business. However, if you are going out to make a sale you need to understand who you're approaching and what their needs are. That holds true for a client lunch or working the trade show floor. A little research will go a long way.

8. Being too "smart".

Sales people like to think they can size up a customer with a quick look. While a majority of those first impressions could be accurate just as many could be wrong. Don't assume you have everything figured out about a customer by the way they dress or their look.

9. Ignoring good leads.

Are you an impulsive shopper or do you like to take your time before taking the plunge? Your customers run the same gambit. They either will make up their mind fast or need a little time. For those who can't quite decide you need to follow-up with those leads. This is especially true is someone has asked for additional information. Don't waste a lead.

10. Not expanding the customer base.

A business like a food truck has the ability to go where the people are. The key is finding out those locations. In many respects, you've always got to be on the lookout for ways to expand your customer base. You can't rely on repeat business alone to drive up your sales numbers. 

How To Find Your Next Great Business Idea

One of the biggest struggles that potential entrepreneurs face is trying to understand what kind of business that they should start. For many, the process in finding an idea can be long and challenging, even harder than writing a business plan! Deciding on what opportunity to pursue is dependent on variables such as:

·     If there is a “pain” that you can solve and if people are willing to pay for the solution;

·         How much money you have;

·         Whether you want to sell products or be a service-oriented business;

·         Whether you want to build a lifestyle small business or a million-dollar conglomerate.

 Here are some tips for a fast and successful search in identifying different business opportunities.

Find a solution

By keeping your eyes (and ears!) open, you will stumble upon opportunities to solve problems that may lead you to the perfect idea. Ask yourself - what pains or frustrations do people experience in their daily lives? Are there any challenges that people are complaining about? If there are, work on finding the solution as every problem is an opportunity for you to solve.

Carry a small notebook with you and note down anything you hear or see in regards to people’s frustrations. When you have filled out a page or two, try to find a solution to them. Are there companies that are solving those needs well? If not, how can you do it? What would be the ideal situation in solving that problem? And finally, can it be profitable?

Remember, if the “pain” is perceived as big and causes a lot of time and money to be wasted, people are willing to pay more to get it solved quickly.

Use your passion and knowledge

Another area you can draw ideas from is within yourself. What are your strengths, skills, knowledge and experience that you have which can be of benefit to others? What are the things that you naturally share with your friends that they turn to you for? Is there a challenge that you’ve successfully overcome?

Take for example, if you’ve successfully lost weight using natural methods after trying different kinds of therapies and diets, do you think millions of people would benefit from your experience? Of course! We often take what we know for granted and don’t realize how valuable our knowledge can be if shared with others. Don’t forget there are so many people you can help with your knowledge.

Set yourself apart! How can you do things differently?

There has always been a misconception that to be an entrepreneur, you must start a business that is very innovative and not found elsewhere. Business ideas need not to be very different or entirely unique to be successful. Innovation in a new business can be creating a new technique, process or even a brand.  You can target a new market or try a new marketing channel that may give you an edge over your competitors.

Analyze various companies that are in your chosen industry. Do their brands look and feel the same? Take a look at how good they are at delivering value to their customers and see if you can provide it more efficiently or better. 

Take advantage of changing trends

Pay attention to any changes that you notice in your industry or target markets and try to spot trends you can turn into new businesses. The first companies to identify an emerging trend and execute quickly often become the market leader in their industry.    

A great example is Facebook. Although they weren’t the first on the market, they were innovative and took advantage of trends to make it easy for people to communicate with each other. Facebook grew from a small site in Harvard to being the most visited website after Google. Because of Facebook, social media has become a game changer for a lot of companies and startups have sprouted that specifically target the new industry. By keeping your finger on the pulse of your target market, you will be able to foresee trends and take advantage of them long before they appear.

Regardless of what your goals are for your business, keep in mind that even if you have a million-dollar idea, it means nothing without proper execution. Create a business plan and test your idea to see how it stands in the market.  So, go discover lucrative business idea and start working on it – it’s a package and shouldn’t be sold separately.

Market Research Leads to Business Success

Every small business starts with an idea. Whether it’s an idea to sell a product or provide a service, that first notion sets the wheels in motion. The very next step should be some type of market research.

Suppose you had the idea to open a franchise ice cream shop business but wanted to find out how successful will it be in your neighborhood? A short drive through your prospective neighborhood will show you if there are any other businesses like the one you want to invest in. It can also give you an indication of the kind of foot traffic you might be able to expect. This is a form of market research at its simplest level.

There are other benefits of market research that you should be thinking about to help your business.

What the customer wants

For a business to grow and become successful there needs to be some form of market research going on. Not only is this important to size up your competition but it can go a long way towards understanding what your customer wants.

If you open up that ice cream shop and feature a chocolate dip special in a neighborhood that is dominated by vanilla lovers then you’re not going to make a lot of sales. That’s an extreme example but if you take the time to do a decent market research survey, it can reveal information that you may have not known.

It could be the specific type of items that a customer would be interested in, whether that’s special offers, different varieties or a better shopping experience. Having a market research project reveal those types of issues can allow you to adjust your business and bring in more customers.

Types of market research

Just because you are a small business with a limited start-up budget doesn’t mean you can’t engage in a market research strategy. There are many forms of market research that you can tap into. At the high end is a market research firm dedicated to delivering you a comprehensive analysis of all aspects of your business. This is accomplished by a combination of phone polling, focus groups and online surveys.

Conducting an online survey is probably one of the most affordable options when it comes to market research. With this type of campaign you can ask visitors to your website to take a survey or send out the survey to a list of customers who have signed up for an email.

Always remember that you’re inviting them to share their opinions to make your business stronger. In other words, empower them to share their opinions.

As you gather your market research data, only you can decide whether or not to act on that information. However, if the numbers provide you with clues as to why your business might be stumbling, then it’s easy to see that using market research can turn your business around and point it towards a more profitable future.

How to Create a USP - Your Unique Selling Proposition

How does your business stand out in a competitive marketplace? Whether you’re selling cupcakes or carpet cleaning services the answer to that question becomes your company’s unique selling proposition or USP. A solid USP goes hand in hand with elevating your company’s brand. Do you know what is “the greatest show on earth?” Do you know which take-out pizza will “deliver to you in 30 minutes or less?” Do you know what soft drink is “the real thing?” Those are all the USP for Ringling Brothers Circus, Dominos Pizza and Coca-Cola respectively. They’re also perfect examples of the type of effective marketing strategy you should be striving to develop in terms of creating your own USP. Here are some ideas about how you can create a powerful USP:

·         Define Your Target Audience

The more specific you can be with your marketing campaign the stronger your return on investment will be. Simply put, there are some products or services that are going to appeal to just a specific segment of the population. Research who your audience is and find out what their needs are. That’s where you need to target your USP development.

·         See What Works

It’s hard to find a truly unique business or product. Consider how many dry cleaners, nail salons, garages etc. there are in your own community. No matter where you start your business you’re entering into a crowded arena. The first step you should take towards developing your USP is to check out the competition. Have they got an effective marketing campaign in operation? Perhaps you can become inspired by their efforts to develop your own plan. Better yet, you might find a way to improve on their USP by making it your own. Fast delivery and special discounts are two ways to accomplish that task.

·         Solve A Problem

The best USP is one that solves a problem even when a problem doesn’t necessarily exist. You might not need to send an overnight package out every day but when you do chances are you’ll think about FedEx because they promise to deliver when your package “absolutely has to be there overnight.” If you can translate your goods or services in a way that solves a problem, you’ll be creating a USP that can gain traction among your potential customer base.

·         Make a Promise

In practical terms your business USP is a promise to your customers. This goes hand in hand with solving a problem. To accomplish this, you need to make sure you can live up to keeping those promises. Domino’s Pizza was only successful when it first developed a way to cook pizzas very fast in order to deliver them within 30 minutes or less. In other words, don’t make a USP promise you can’t keep.

·         Less is More

When it comes to an effective USP, less is more in terms of words in a slogan. You might have to finesse, massage, cut and rewrite your USP to hone it down to the basics. It’s all part of the process and can yield positive results.

The Business Plan and why you need it

As a business owner, you have to be aware of and work with so many variables – like creating a compelling product, building a great team, generating sales and keeping your customers loyal. Writing a business plan helps you as it will guide you in understanding how your company operates. The process of writing a business plan, will help you learn how to forecast any challenges, understand what resources you would need and even manage your own company more effectively.

What does a business plan consist of?

First and foremost, when writing a business plan - you should be aware as to who your audience is. Depending if you’re pitching a VC or asking your banker for money, you should tailor the plan to what they are interested in. In general, every business plan are composed of these sections:

• Executive Summary: Placed in the front of the plan but written last, this allows the reader to quickly understand whether want to read the rest of the plan or not. It will provide them with a concise idea of what your business is, where the opportunity lies and how you plan to solve it.

• Description of Business and revenue model: This is a deeper analysis in your business. What is the problem you’re solving, how are you providing a solution, and how can the business be sustainable over the long term and make a profit.

• Industry Description: What industry are you competing in? Do you research and find out who the main competitors are and why are they failing or doing well. Present your company in a way that outlines how you plan to capture market share.

• Market Research: This is a deep analysis into defining who your customers are and whether they are interested in your product or service. By doing your market research, you may find out that your potential customers may want something else entirely.

• Operating Plan: How are you going to deliver your product or service to your customers? Make sure you account for every detail including customer service, manufacturing, sales and human resources.

• Management Team: For any business, it’s the management team that will make or break the company. Include a summary of each team member’s experience, what their responsibilities are and how they will help the company succeed.

• Financial Analysis: The most important aspect of any business plan, the financial analysis will show others if your company is going to make a profit. It will outline when you will break even and how long will it take to profitability.

Tips on a successful business plan

When you are raising money for your startup – it’s your business plan that will grab the attention of potential investors. Make sure that you have no spelling or grammar mistakes, it is printed on good quality paper, and most importantly, your financials are solid. Mistakes in your plan will make a poor impression to anyone who’s reading as they will wonder if you will make same mistakes in running your company.

As mentioned earlier, understand who the plan is for. If your plan is for your partners or employees then it would reflect more on the operations side. Likewise, a plan written for a loan officer, they will be very interested in your financial analysis. Did you make realistic projections? Will your potential sales revenue cover the loan payments over time?

Your business plan is one of the best methods to show investors that your company is worthy of their investment. By keeping your plan clear and realistic you will be able to show them that you can make it happen.

Researching your business opportunity

The success rate of a new business getting past its third year is low. To increase your probability of success, you must ensure that the business opportunity that you explore is financially viable, has a market and that the idea is suitable for your personality. Before you take the plunge, take the time to do some research into the opportunity and see if it’s a right fit for you. . Here are some tips that will help you determine if your business opportunity is going to be successful.

1. Do your market research.

This is the first and most important aspect of your research. Is your product or service something that you would use in your life on a daily basis? If not, then why do you want to get into that business? Remember, your clients want to buy a product that will help them solve their problems. At this stage, you should contact a few prospects and provide a demonstration and get their feedback. Take a deeper look into the market; are there a lot of competitors? How are they doing? Is there space for another competitor such as you? By finding the answers to these questions, you’ll determine if your new business has a market opportunity.

2. What is your business revenue model?

Or in other words – how are you going to make money? Take a detailed look at your business - do you know clearly how the cash is going to come in and how much your prospects are willing to pay? Are the profit margins so low that you can barely make a living from the sale? If you don’t understand where the money is coming from, then you shouldn’t be getting into this business.

3. Know your numbers

Starting a business requires you to not only understand if your clients will buy from you, but also knowing how much it will cost to deliver that service. Once you know the numbers (and you should have already identified how much your clients are willing to pay for your product/service), you will be able to determine whether there is enough of a profit margin for your business to grow. A good tip to determine your start-up costs is to outline all the steps you need to take in order to deliver a product to your client. Then list the equipment or services that you will need. This list should indicate how much those start-up costs are going to be.

4. Seek professional advice

Get some advice from experts and other entrepreneurs related to your business. Do your research on the internet, try to find a forum, or an association that is in your industry and try learning as much as you can. Understand potential challenges or any barriers to entry that new businesses face, any rules or regulations, and as many costs that may be related to your business. It would be wise to spend the money in hiring experts such as a lawyer and an accountant to help you.

Starting a business is very exciting, however, if you haven’t done your homework, you’ll soon find out how stressful it can be. Always seek advice from experienced people and use it to your advantage. It’s best that you make the right decisions early than suffer a major loss down the road as a result of selecting the wrong business opportunity.

What Should Go in My Business Plan?

A good business plan is more than merely a document. It is a carefully designed outline of your business, a veritable blueprint that accurately describes your business and all its components. Business plans differ in length and detail, depending on the nature of the business. However, there are certain basic elements that a good business plan should contain.

Begin with the Executive Summary. Many consider this to be the most important section of the plan. It provides an overview of the key points of the business. It should contain highlights from all sections of the plan and should be written in an interesting, concise manner, not to exceed two pages. Often, the reader will only read this section. If it doesn't grab the reader's attention, they may not go further.

Follow this with a detailed description of the business opportunity. In simple language, describe what this business will do and why it should succeed. Why are you the right person for this business? What is your vision?

You have done your market research. Put the results into a detailed marketing plan. This section of the plan should demonstrate how you plan to enter the market. How do you plan to promote your business? What are your pricing and sales strategies? How large is your potential customer base and how do you identify them?

Build an organizational chart. Describe the key members of your team and what will be their roles. Include the qualifications of the leading managers, including you. This section should clearly convince the reader that this business will have the team to make it happen.

Follow the organizational chart with a description of the operational requirements. How will the business operate? What are the physical requirements? What types of technology will be employed in the daily operations?

Now comes the number crunching. The financial section should contain a detailed outline of your financial forecast for the first three to five years. The first year should be far more detailed. An investor should see that you truly understand the business. This section should contain cash flow statements, profit and loss forecasts, and sales projections.

Remember that the language of a business plan should be directed to an outsider. Make the plan realistic and believable. Invest your time in preparation as this document may be the key to launching your business.

More help on setting up a business plan

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Positive Cashflow Critical to Small Business

If you're in business for yourself, you know that maintaining the status quo is not nearly enough. You must continually think of ways to spur growth in your business. While there is no specific recipe for success, there are several helpful tips that can be considered.

Positive cash flow is critical to any business. As such, it is vital to know your financial standing at any given point in time. Looking at the books at the end of month is simply inadequate. Keep your records as current as possible, updating them daily if you can. After all, shouldn't you be in constant control?

Often, business owners ponder how to improve sales. One suggestion is to truly focus on your clients. Research their needs and problems and provide the solutions. A proven path to success is to give the client exactly what they need, rather than convince them to settle for less. Build a bond based on mutual need.

As important as sales may be, they are worthless if the customers don't pay. Collections are often a major stumbling block for businesses. Some experts suggest that working with the clients is better than dictating terms. Try to mutually agree on terms of payment. Sometimes, it may advantageous for the top executive to personally collect serious debts. After all, the same money pays all salaries.

Stability in business is also vital. Retaining good employees is often no less important than holding on to key customers. Of course, what's to stop the competition from luring your top employees? Building a strong bond with your staff can help with retention. Employees keenly involved with the company, who appreciate how they contribute to the company's success, are far less likely to be recruited elsewhere.

Finally, look for the best people to work for you. Don't just rely on resumes. Almost anybody can write a creative one. Use interviews to seek out true potential and look for potential personal chemistry.
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Stimulus Funds in Canada to Become Permanent?

Much has been written these last few months about the effects if the recession, or whatever term one may wish to call the global economic situation since last year. Some countries have weathered the storm better than others. Certainly, Canada, while by no means having fully recovered, is on much stronger financial footing as compared to our neighbours to the south. Experts have attributed many factors to Canada's relative strength. But, putting aside the past, the questions that still remain unanswered pertain to the future.
 

One factor that is contributing to Canadian recovery is the strength of public confidence. As the belief in the stability of the economy grows stronger, the recession and its effects recede that much more. However, what will be if the global economy takes a nosedive once again. Are we prepared for that?
 

The Canadian government has been a major player in managing the recession and orchestrating the country's recovery. A large factor has been the availability of federal funds available through a variety of programs tailored to the various needs of the business community. While these programs were designed as a temporary stopgap to help weather the storm and keep the business sector liquid, government officials are now asking themselves whether it might be wise to make a basis of liquidity permanently available.
 

On one hand, officials see the inherent benefit of providing funds to facilitate the continuous functioning of core markets. On the other hand, researchers for the Bank of Canada are concerned that these "permanently available" funds might induce investors to take on excess risk, secure in the knowledge that there will always be a bail out plan ready.
 

While the debate continues, the government and the central bank have learned that they must maintain sufficient flexibility and readiness to respond to any future liquidity problems.

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Half the Canadian Labour Force Employed by Small Business

Thinking of opening your own small business? Many Canadians do. Nearly half the Canadian labour force is employed by small business. The question, though, is what the best business choice is. With a veritable plethora of options, choosing the right business is difficult. Also, the shaky economy gives cause for caution. Consumer spending has been reduced to must-haves. This, though, still leaves many business opportunities. Recent studies have listed some of the best business options for 2009.

Repair businesses still have a place in the economy as people prefer to fix something rather than buy new. Clothing, appliances, and automobiles are but a few of the repair businesses that continue to thrive.

Fast food is a major part of the national diet and is most likely to remain a lucrative business for years to come. Believe it or not, chocolate is also big business, despite the difficult times. Chocolate calls to people like no other confection. Find the right niche in the gourmet or specialized chocolate industry and you're on your way.

The ever-growing demand for senior care provides tremendous opportunities. Businesses range from opening a care facility to providing home services. A related industry that is growing is medical supplies, both for personal and commercial use.

Times are tough but dirt is dirt. Businesses still need to be cleaned and the demand for quality commercial cleaning services is high.

Sports are still important, despite the recession. Sales figures show that sales of sports equipment remain strong and Canadians are willing to shell out good money for sports equipment, even if they have to work a little harder to earn it.

Dollars are scarce. Therefore, discount stores provide a strong retail option for consumers. On the other side of the coin, there are those who have defaulted on payments. Collection agencies are opening across the country to help collect debts.

Finally, perhaps motivational speaking is for you. These speakers appear daily, and are quite popular. More than anything, they offer hope to audiences and hope, these days, is in great demand.
 
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Rating Online Business: The Star Rating System

Many of us have been a victim of the stars. No, this doesn't refer to astrology. Rather, the star rating system that is prevalent on many internet shopping sites has led many a shopper astray.


One of the big questions is who determines how many stars a product or a site rates? Another thought is how accurate is the rating? Also, who monitors the accuracy and validity of these ratings?
 

In many instances, the answer to all three questions is identical: the owner of the site. This is not to say that all ratings are fabrications. Many websites are quite honest and respect the consumer market. However, there is no limit to sites that serve as clearing houses and have little or no control over who posts products or services for sale.
 

In reality, the star rating should be used to reflect an average of opinions from actual consumers. However, fears of honesty and good old fashioned greed have led many sellers to conduct virtual opinion polls of likewise virtual customers.
 

The truth is that it is highly unlikely that all products and services have top notch ratings. Even a superior product is bound to have its critics. On the other hand, studies conducted by market research groups have shown that 65 percent of word-of-mouth is positive and only 8 percent is negative. In other words, it is quite likely that many shoppers who have not been pleased by the product or service they purchased online may prefer to say nothing rather than spread negative feelings.
 

The bottom line is that a website is no different than a conventional store in terms of purchasing. Don't believe everything that you read. Do your own research. Speak to friends who have purchased that product or frequented the seller. Educating yourself is the best consumer protection.
 
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